Syngenta: first-half earnings fell in difficult markets.
(CercleFinance.com) - Swiss agrochemicals firm Syngenta reported lower second-quarter earnings on Wednesday, affected by adverse weather and low commodity prices.
The Basel-based company, which makes products to kill weeds and insects, said earnings before interest, tax, depreciation and amortization (EDITDA) came in 5 per cent lower than last year at 1.7 billion dollars.
Net income decreased by 13 per cent to 928 million dollars, while group sales decreased by 2 per cent in constant currency terms and real terms at 6.9 billion in the first-half of the year.
Syngenta—now fully owned by Chinese chemical company ChemChina—said Latin America sales declined significantly again, partly because of high channel inventories in Brazil.
The group said it plans to continue to drive productivity and efficiency savings, which should partially offset the impact of the difficult market conditions.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
The Basel-based company, which makes products to kill weeds and insects, said earnings before interest, tax, depreciation and amortization (EDITDA) came in 5 per cent lower than last year at 1.7 billion dollars.
Net income decreased by 13 per cent to 928 million dollars, while group sales decreased by 2 per cent in constant currency terms and real terms at 6.9 billion in the first-half of the year.
Syngenta—now fully owned by Chinese chemical company ChemChina—said Latin America sales declined significantly again, partly because of high channel inventories in Brazil.
The group said it plans to continue to drive productivity and efficiency savings, which should partially offset the impact of the difficult market conditions.
Copyright (c) 2017 CercleFinance.com. All rights reserved.